Lincoln Gold Mining : 2022 Interim Financial Statements and MD&A as of June 30, 2022

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

for the six months ended June 30, 2022

Table of Contents

Notice to Reader ............................................................................................................................................... 3

Condensed Interim Consolidated Statements of Financial Position ................................................................ 4

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss ........................................... 5

Condensed Interim Consolidated Statements of Cash Flows .......................................................................... 6

Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency ................................. 7

Notes to the Condensed Interim Consolidated Financial Statements ............................................................. 8

Notice to Reader

Management has prepared the unaudited condensed interim consolidated financial statements for Lincoln Gold Mining Inc. (the "Company") in accordance with National Instrument 51-102 released by the Canadian Securities Administration. The Company discloses that its auditors have not reviewed the unaudited consolidated interim financial statements for the six-month period ended June 30, 2022.

Condensed Interim Consolidated Statements of Financial Position

As at June 30, 2022 and December 31, 2021

(All amounts are in Canadian Dollars, unless otherwise stated)

Approved and authorized by the Board on August 29, 2022.

Director

Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements

4

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

For the three and six months ended June 30, 2022 and 2021

(All amounts are in Canadian Dollars, unless otherwise stated)

NotesThree months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Exploration expenses

Administrative expenses

Consulting and management fees Depreciation

Foreign exchange loss (gain)

Investor relations and shareholder services Office maintenance

Professional fees Share-based compensation Travel

6, 12

12 4, 5

12 13

Other expenses (income)

Interest expense

$

• 42,097 $

43,350

17,080

56,672

10,420

16,787

29,014 -

1,835 175,158

• 110,483 $

57,102

12,934

(27,076)

10,842

38,257

48,145

2,293

241 142,738

91,444 $ 130,265

83,460 96,932

34,161 25,868

29,050 (49,953)

14,014 19,554

47,162 77,633

40,098 59,315

- 6,865

1,876 398

• 249,821 236,612

  7, 10, 12

  38,106 38,106

  36,863 36,863

• 77,194 72,904 77,194 72,904

Loss and comprehensive loss for the period

$ (255,361)

$ (290,084)

$ (418,459)

$ (439,781)Basic and diluted loss per common share

$

(0.01)

$

(0.01)

$

(0.01)

$

(0.01)

Weighted average number of common shares outstanding

38,467,880

30,497,129

38,332,068

30,041,360

The accompanying notes are an integral part of these condensed interim consolidated financial statements

5